To the Members of
ENBEE TRADE AND FINANCE LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of ENBEE TRADE ANDFINANCE LIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2017 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated In Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2016 and its profit and its cash flows for the year ended onthat date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 ("the saidOrder") issued by the Centra! Government of India in terms of sub-section (11) ofSection 143 of the Act we give in the "Annexure A" a statement on the mattersspecified in the paragraphs 3 and 4 of the said Order.
2. As required by Section 143 (3) of the Act we report that:
a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.
c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.
d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.
e) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director Interms of Section 164 (2) of the Act.
f) In our opinion the Company does have an adequate internal financial controlssystem over financial reporting as at March 31 2017 based on internal control overfinancial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.
g) With respect to the other matters to be Included In the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financialposition.
ii. The Company did not have any long-term contracts Including derivative contracts forwhich there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
iv. The company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 and these are in accordance with the books of accountsmaintained by the company.
For Ambavat Jain & Associates LLP
Firm's Registration No: 109681W
Membership No: 125997
Date: 29th May 2017
Annexure a to the Auditors' Report
The Annexure referred to in Independent Auditors' Report to the members of the EnbeeTrade & Finance Limited on the standalone financial statements for the year ended 31stMarch 2017 we report that:
i. The Company does not have any fixed asset and accordingly the requirements underparagraph 3(1) of the Order are not applicable to the Company.
ii. The Company's business does not involve inventories and accordingly therequirements under paragraph 3(ii) of the Order are not applicable to the Company.
iii. The Company has not granted any loan to the entity covered In the registermaintained under section 189 of the Companies Act 2013 ("the Act") in thecurrent year.
iv. The Company Is an NBFC Hence the provisions of Section 185 are not applicable tothe Company. However Section 186 Is applicable and the Company has complied with theprovisions of the same.
v. The Company has not accepted any deposits from the public
vi. The Company Is not liable to maintain Cost Records under Section 148(1) of theCompanies Act 2013.
vii. Statutory dues:
a. According to the information and explanation given to us and on the basis of ourexamination of the records of the Company amounts deducted / accrued in the books ofaccount in respect of undisputed statutory dues in respect of provident fund income taxsales tax value added tax duty of customs service tax cess and other materialstatutory dues have been regularly deposited during the year by the Company with theappropriate authorities. As explained to us the Company did not have any dues on accountof employees' state insurance and duty of exercise.
According to the information and explanation given to us no undisputed amounts payableIn respect of provident fund income tax sales tax value added tax duty of customsservice tax cess and other material statutory dues were in arrears as at 31stMarch 2017 for a period more than six months from the date they became payable.
b. According to the Information and explanations given to us and the records of theCompany examined by us there are no disputed dues In respect of Income tax sales taxduty of customs duty of excise service tax and value added taxed were outstanding at theyear end.
viii. The Company does not have any loans or borrowings from any financial institutionbanks government or debenture holders during the year. Accordingly paragraph 3(viii) ofthe Order is not applicable
ix. The Company did not raise any money by way of initial public offer (Including debtInstrument) and term loans during the year. Accordingly paragraph 3 (ix) of the Order isnot applicable.
x. In our opinion and according to the information and explanation given to us nofraud on or by the Company by its officers or employees has been noticed or reportedduring the course of our audit that causes the financial statements to be materiallymisstated.
xi. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/ provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act.
xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.
xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.
xiv. According to the information and explanations given to us and based on ourexamination of the records of the Company the companies has made preferential allotmentof share during the year under review and have complied with the provisions of section 42of the Companies Act 2013. Further the amounts raised have been used for the purposes forwhich the funds were raised.
xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non- cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xb) ofthe Order is not applicable.
xvi. The Company Is registered under Section 45-IA of the RBI Act 1934 and hasreceived a Certificate of Registration from the Reserve Bank of India ('RBI') on 20thApril 1998 to commence/carry on the business of Non-Banking Financial Institution('NBFC') without accepting public deposits.
For Ambavat Jain & Associates LLP
Firm's Registration No: 109681W
Chirag shah Partner
Membership No: 125997
Date: 29th May 2017